Marconi - every cloud has a silver lining?

Article by Mike Truman, freelance lecturer and writer on tax and financial services. This article appeared in the April 2004 issue of Tax Adviser magazine. On 19 May 2003, the last act in the drama of Marconi plc was played out. A scheme of arrangement transferred the business to a new company, Marconi Corporation plc, and the shares in Marconi plc were accepted by the Inland Revenue as worthless. The restructuring effectively handed the business over to the bondholders, hwo took 99.5% of the capital in Marconi Corporation plc. But what is the capital gains tax effect for individual shareholders?

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April 2004 by Mike Truman